Maximizing your small business tax return requires some organization and research to ensure that your business maintains financial health and continues to thrive. As a small business owner, navigating the complexities of annual tax returns can be daunting. However, with careful planning and attention to detail, you can optimize your tax filing process to minimize liabilities and maximize returns. Keep Accurate Records Throughout the Year Maintaining thorough and accurate financial records throughout the year is one of the most crucial aspects of preparing for your annual tax return. Keep tra ..read more

Small business owners have a responsibility to ensure proper employee tax documentation for their workers. For small businesses, staying on top of employee tax documentation is not just a legal obligation but also a crucial aspect of maintaining financial health and compliance. Properly managing tax documentation ensures that businesses can avoid penalties, accurately report income, and provide their employees with the necessary documentation for tax filing. Understanding the Basics Before diving into the strategies, let’s briefly review the key components of employee tax documentation: W-4 ..read more

During tax season, small businesses should consider visiting us at The Harding Group to navigate this difficult time. Ah, tax season—that dreaded time of year when businesses and individuals alike scramble to gather receipts, crunch numbers, and navigate the labyrinth of tax codes. For small business owners, in particular, this time can be especially daunting. The intricacies of tax law, coupled with the responsibilities of running a business, can quickly become overwhelming. But fear not, for amidst the chaos stands The Harding Group, ready to guide you through the storm with expertise and ..read more

Independent contractors have to contend with some unique challenges during tax season in order to ensure an accurate return each year. Tax season is a daunting time for many, but for independent contractors, it can be particularly challenging. Unlike traditional employees who have taxes withheld from their paychecks, independent contractors are responsible for handling their own taxes. This autonomy comes with a set of unique challenges that can make tax season a stressful period for freelancers, consultants, and self-employed individuals. Self-Employment Taxes One of the primary challenges ..read more

Tax form 1099 is essential for small business owners to understand and utilize for a smooth tax season. Tax season can be a daunting time for small business owners, with a myriad of forms and documents to navigate. One such document that holds significant importance is the IRS Form 1099. In this blog post, we’ll unravel the mystery behind Form 1099, exploring what it is, its various types, and why it’s crucial for small business owners to understand and comply with its requirements. Understanding Form 1099 Form 1099 is an information return used to report various types of income received thr ..read more

There are many tax credits that small businesses commonly overlook. These are just some of them, so be sure to look for any that apply to your business. Running a small business comes with its fair share of challenges, and tax season can often feel like navigating a complex maze. However, many small business owners miss out on valuable opportunities to reduce their tax burden through various tax credits. It requires some extra legwork, but taking the extra time to make sure your small business is accessing applicable tax credits and benefits can keep it in a healthy financial state and ease ..read more

Small business owners have some commonly missed tax credits that they should be watching out for every tax season. As a small business owner, it’s imperative to be fully aware of any tax credits available to help maximize your rightful savings. Alas, for mere lack of awareness, many miss out on valuable credits that would otherwise significantly reduce taxable income and lower tax bills overall.  Read along below while we discuss some available tax credits most commonly underutilized or outright missed by small businesses—and expound on why it’s so crucial to take advantage of these opp ..read more

The W-9 form is important for anyone that has worked as an independent contractor during the past year, so remember to file one if this applies to you. It’s tax season, which means that you’re probably elbow-deep in thinking about all of the different terms, forms, and miscellaneous paperwork that goes along with it. It is often a hard time of year for many people since there is a lot of confusion around the different forms (like a Schedule SE or something else, for instance) that you may need to fill out or have copies of, whether you’re doing your individual taxes or the taxes for your bus ..read more

If you are self-employed or have self-employment income, you need to know what a Schedule SE form is and how to file one. Tax season isn’t quite over yet, but businesses and individuals both need to take the time to make sure taxes get filed as soon as possible. When it comes to taxes, the sooner you file them, the better it will be. For individuals that are self-employed or make self-employment income, filing taxes can be a little bit more of a struggle. If you do make self-employment income, you will need to file a Schedule SE (Form 1040). Who needs to file a Schedule SE? The Schedule SE n ..read more

Small businesses should file their taxes early in order to avoid penalties and have more time to deal with any issues that may come up. The old saying about the early bird getting the worm is often one of the truest adages in business. It seems like every little good ever comes from running late – especially with your taxes. As a small business owner, you know that you have to file on time (and pay on time) or you will be penalized. But is there a benefit if small businesses file taxes early? Often the answer is yes! Let’s explore the benefits of filing business taxes early. Your Refund Quic ..read more